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Brown and Sarkozy call for super-tax

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Thursday, 17 December 2009

Brown and Sarkozy call for super-tax

France and UK "completely aligned" on the need for a special tax on bankers' bonuses. UK Prime Minister Gordon Brown and French President Nicolas Sarkozy met last week on on the margins of a European summit to discuss plans to impose a "super-tax" on bankers, which they advocated in a joint opinion piece published today in the Wall Street Journal. The two leaders wrote that "a one-off tax in relation to bonuses should be considered a priority" by the international community. The UK's finance minister, Alistair Darling, announced a 50% tax on bonuses over €27,600. Details of the French tax have yet to be officially announced, but one newspaper, Les Echos, reports that it will be set at 50% and levied on bonuses over €27,000. Speaking after Brown and Sarkozy met, a UK government spokesman said the two countries positions were "completely aligned" on the super-tax and that the meeting was "very convivial". Brown and Sarkozy wrote that large bonus payments were unwarranted because the banks had had to rely on the support of taxpayers in order to survive the financial crisis. The UK tax has been heavily criticised by sections of the country's financial-services industry as damaging to the country's competitiveness.

Source: European Voice